If gift of non-taxable item (non specified property like a DVD player), is received by an individual from a friend, and an entry is also passed in his personal books, is it necessary to show it in the income tax return (in income statement ) ?
Amit (Accountant) (261 Points)
15 July 2011If gift of non-taxable item (non specified property like a DVD player), is received by an individual from a friend, and an entry is also passed in his personal books, is it necessary to show it in the income tax return (in income statement ) ?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 16 July 2011
DVD player is neither a cash gift nor its a capital asset, but personal effect for receipent,
also it does not exceeds the amount of 50000/- for taxability of gift , so there is no such compulstion to add it to taxable income.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)